The result of Boxer Retail’s initial public offering (IPO) confirmed Pick n Pay’s belief that the listing of the discount retailer would be well received. Boxer’s IPO represents the second and final step of the two-step recapitalisation plan by Pick n Pay. The issue of 157,407,408 offer shares (34.4% of the company’s issued capital), at a subscription price of R54.00 per offer share – at the top end of the pricing range – raised R8,5 billion. A total of 457,407,408 shares were listed on 28 November closing the day at R63.51 per share, close to an 18% increase on the IPO price giving Boxer a market capitalisation of R29,05 billion, larger than that of Pick n Pay and The SPAR. Pick n Pay will hold 300,000,000 shares or 65.6% of Boxer which it may not reduce for 180 days due to agreed-upon lock-up arrangements, nor will it be entitled to issue Boxer shares for 365 days.

In a move integral to its objective of demerging its initial 78.56% stake in Anglo American Platinum (Amplats), Anglo American, via its subsidiary Anglo American South Africa, has successfully completed an on-market offering of 17,5 million Amplats shares at R548.00 per share. The shares which represent a 6.56% shareholding will reduce Anglo’s stake to 66.7%. Anglo’s remaining shares are subject to a lock-up of 90 days. The R9,59 billion proceeds from the placing will be used to reduce Anglo’s net debt as the group focuses on copper, premium iron ore and crop nutrients in a drive to achieve sustainable attractive returns.

Shareholder of Life Healthcare are to receive a second special dividend this year with the group announcing it will pay 70 cents on top of the final dividend for the year of 31 cents. This takes the total payout to shareholders for the year to end-September to R10,6 billion.

OUTsurance has issued 5,552,510 shares to minority shareholders of OUTsurance Holding (OHL) in exchange for 12,720,025 OHL shares. As a result of the transaction, OUTsurance has increase its interest in OHL to 92.53%.

Shareholders have approved the name change of EOH to iOCO Limited. The change of name will now be lodged with the Companies and Intellectual Property Commission. Salient dates will be published once CIPC registers the resolution.

The JSE has approved the transfer of the listing of Sable Exploration and Mining to the General Segment of Main Board with effect from commencement of trade on 28 November 2024. The listing requirements in this segment are less onerous for the smaller cap firms.

Murray & Roberts applied to the JSE for the voluntary, temporary suspension of trading of its shares. This follows the placing in business rescue of M&R Limited and its trading division OptiPower.

This week the following companies repurchased shares:

Datatec has commenced with a repurchase programme which will be funded using existing cash resources. The repurchases shares will be cancelled in due course, reverting to an authorised but unissued share capital status.

Sabvest Capital has repurchased 850,000 shares for a total consideration of R82 million. The shares will be cancelled and delisted on 6 December 2024.

In October, Anheuser-Busch InBev announced a US$2 billion share buy-back programme to be executed within the next 12 months which will result in the repurchase of c.31,7 million shares. The shares acquired will be kept as treasury shares to fulfil future share delivery commitments under the group’s stock ownership plans. During the period 18 – 22, November 2024, the group repurchased 717,573 shares for €37,83 million.

Hammerson plc continued with its programme to purchase its ordinary shares up to a maximum consideration of £140 million. The sole purpose of the buyback programme is to reduce the company’s share capital. This week the company repurchased 885,497 shares at an average price per share of 286 pence.

South32 announced in its annual financial statements released in August that it would increase its capital management programme by US$200 million, to be returned via an on-market share buy-back. This week 800,686 shares were repurchased at an aggregate cost of A$3,02 million.

In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 305,545 shares at an average price of £29.79 per share for an aggregate £9,1 million.

Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 18 – 22, November 2024, a further 3,143,167 Prosus shares were repurchased for an aggregate €119,34 million and a further 320,132 Naspers shares for a total consideration of R1,32 billion.

Six companies issued profit warnings this week: Visual International, Hosken Consolidated Investments, Copper 360, Brikor, Transaction Capital and Ayo Technology Solutions.

During the week, two companies issued cautionary notices: Accelerate Property Fund and MAS plc.

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